US CFTC data shows gold non-commercial net positions fell to 163.2k, down from 168.3k in the previous report.
The decrease in net long positions for gold indicates large traders are reducing their bullish bets after a significant run. This is likely a sign of profit-taking rather than a major shift to a bearish outlook. We have seen this kind of pullback before when an asset’s price consolidates after hitting new highs, as gold did earlier this year.
Drivers Behind The Positioning Pullback
This cooling sentiment aligns with recent economic data, as the latest March 2026 inflation report showed a slight easing to a 2.8% annual rate. This reduces the immediate urgency to hold gold as an inflation hedge. The Federal Reserve has also signaled a pause on rate hikes, making fixed-income assets more competitive against non-yielding gold.
Looking back from our perspective in 2025, we recall how geopolitical tensions and recession scares drove the initial surge in these long positions. The strong March 2026 jobs report, showing a resilient economy with over 250,000 jobs added, has now eased those fears. This unwinding of speculative longs is a natural response to a less risky economic environment.
For the coming weeks, this suggests a more neutral to slightly bearish stance on gold may be appropriate. Traders could consider strategies like selling call options above recent highs to collect premium from expected range-bound trading. We should keep an eye on key support around the $2,350 level, as a decisive break below it could signal a deeper correction.
